China Rare Earth Price - November 11, 2022

China rare earth price was mixed in the week ended on Friday, November 11, 2022. Under the circumstance that downstream users basically maintained just-in-demand purchases, raw material suppliers were less willing to sell at lower prices, and favorable policy support was limited, the market trading atmosphere was sluggish, which led to a dilemma for rare earth prices. 

According to Chinatungsten Online, the main reasons for the poor market demand are: the epidemic situation in some areas is still relatively serious, the geographical risks of various countries are relatively large, and the global trade environment is not very optimistic. The main reasons that support suppliers' confidence in their quotations are: supported by production costs, there are not many spot inventories in the market, the downstream industries of rare earths such as new energy vehicles are developing well, and countries are attaching importance to the exploitation and comprehensive utilization of rare earth resources.

In terms of news: data from the China Association of Automobile Manufacturers shows that my country's automobile production and sales in October were 2.599 million and 2.505 million, down 2.7% and 4% from the previous month, and up 111% and 6.9% from the same period last year. Among them, the production and sales of new energy vehicles in my country were 762,000 and 714,000 respectively, an increase of 87.6% and 81.7% year-on-year respectively, and the market share reached 28.5%.

Prices of rare earth products on November 11, 2022

Picture of rare earth permanent magnet materials

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